Jamb Economics 2015 Past Questions and Answers

Question 11:

• JAMB 2015

A major limiting factor of mass production is

A. Efficient management
B. Adequate labour supply
C. Small size of the market
D. Adequate supply of raw materials

Question 12:

• JAMB 2015

When elasticity is zero, demand curve is

A. Perfectly elastic
B. Perfectly inelastic
C. Down-ward sloping
D. Upward sloping

Question 13:

• JAMB 2015

In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when

A. MUX = MUA
B. MUX = PX
C. PX = X
D. PX = PY

Question 14:

• JAMB 2015

Which of the following could be used to measure the efficiency of labour?

A. Rate of inflation
B. Input-output ratio
C. Buying more machines
D. Unemployment rate

Question 15:

• JAMB 2015

How can a firm benefit from external economies?

A. Increasing its expenditure on advertising
B. Increasing the workforce
C. Locating in an area in which the industry is already established
D. Merging with another domestic firm engaged in the same industry